An alarm issued by whale watching bots during the day suggests that an altcoin whale is preparing for a bull run. The giant investor distributed millions of tokens to different wallets in three transactions.
Huge altcoin whale splits millions of tokens into different wallets
Details shared by Dogecoin Whale Alert show that large amounts of Dogecoin were transferred in a pattern suggesting long-term holding. A series of notifications from the whale watching bot indicate that some users are splitting their DOGE balances into different wallets. Three key transactions following the same pattern were shared on Twitter today by Dogecoin Whale Alert.
In the first transaction, 6,583,553 DOGE ($594,403) were transferred to multiple anonymous wallets. A second transaction showed that 5,797,089 DOGE ($521,518) had been transferred from multiple wallets to an anonymous wallet. Then the third revealed that 6,321,293 DOGE ($570,844) were transferred from multiple wallets to an anonymous wallet.
From the transactions listed above, it seems that they all follow the same pattern, the only difference being the number of Dogecoins moved. A more important detail was the amount of dollars involved in the transactions. All of them were transfers involving large amounts of funds, which were considered ‘whale transfers’.
Historically, transfers like this are experienced in anticipation of a bull run for the cryptos involved. According to the analysis, moving cryptocurrencies away from exchanges or public storage platforms indicates that the owner may be preparing for long-term storage. It also shows that the owner has moved them to the cold wallet for better security.
How about Dogecoin?
Dogecoin’s 1-hour chart shows that it is currently in an uptrend, as evidenced by the Bollinger Bands compression. This compression indicates that a price breakout is imminent in either direction. According to the analysis, a break below the lower trendline could lead to a pullback to the $0.08438 price level. Therefore, it is important to follow these levels for possible breakout scenarios that may indicate the direction of future price movements.
Also, if the bulls continue to dominate the market sentiment and push prices higher, DOGE could reach levels above $0.09865, trading steadily above the 200-day moving average. Also, Dogecoin’s RSI data shows 56.36 which means there is a high level of market activity and strong buying pressure.
cryptocoin.comAs you follow, Dogecoin found resistance at $0.08815 on January 24. The meme coin, which has moved away from its peak price by more than 90% in 2022, will try to retrace the $0.1 resistance for the first time in the new year.
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